SNY - Pzena European Focused Value Q1 2025 Commentary
2025-05-27 11:20:00 ET
Summary
- European markets were very strong to start 2025 buoyed by German stimulus actions and an investor rotation from U.S. to European equities amid the backdrop of U.S. equities’ rich valuations.
- In this context, value materially outperformed and our portfolio lagged the MSCI Europe Index and MSCI Europe Value Index.
- Even after the strong performance year-to-date, we continue to see good value in European equities as they trade at a notable valuation discount relative to the rest of the world.
Past performance is not indicative of future results. Periods greater than one year are annualized in USD. Returns could be impacted, positively or negatively, by currency fluctuations, where applicable. Gross rates of return are presented gross of investment management fees and net of the deduction of transaction costs. An investor’s actual return will be reduced by investment management fees. Net Returns are derived using a model fee applied monthly to Gross returns. Pzena uses the highest tier fee schedule, excluding performance fees, to illustrate the impact of fees on performance returns. As product fees change, the current highest tier schedule will be in effect. |